A Q&A session co-hosted with the EthTrust Security Level Working Group of EEA, focusing on the importance of EthTrust

This Enterprise Ethereum Alliance (European Economic Area) Announce Formation EEA EthTrust Security Level Working Group, Which will continue by Ethereum Trust Alliance (ETA), now belongs to EEA, belongs to the EthTrust project. The group aims to set standards for secure, smart contract transactions within the Ethereum ecosystem.

In the following question and answer, Tom Lindeman, co-chair of EEA EthTrust Security Level Working Group, former managing director of ETA, chair of EEA Security Special Interest Group, co-founder of ConsenSys Diligence, Director of Strategic Planning of ConsenSys Software Inc. Pierre-Alain Mouy, former ETA product owner and general manager of NVISO Security in Germany, gave an overview of the new working group.

What is the function of the EEA EthTrust Security Level Working Group? Why does this happen?

Today, in the Ethereum ecosystem, there is no rating system to help users understand the trust and security levels of smart contracts. Think of it as a Michelin rating system for restaurants-you can know the quality and level of safety audits in advance.Given that there are still many problems and hacks in smart contracts today, we think EEA EthTrust Security Level Working Group By 2021, it will help increase trust and confidence in Ethereum as a global transaction layer.

When will we see the first security standard for smart contracts?

We have been conducting research on this project for several months. As a newly launched EEA program, we expect to see the first working system and specifications in the first quarter of 2021.

Could these security standards apply to smart contracts developed on blockchains other than Ethereum?

Yes, it is definitely possible. Currently, we are working on bringing it to Ethereum as the EEA EthTrust Security Level Working Group.The task of the working group will be to continue to promote Ethereum Trust Alliance (ETA), now part of the EEA, belongs to the EthTrust project, which will set the standard for secure, smart contract transactions within the Ethereum ecosystem.

What are the biggest loopholes in smart contracts?

Smart contracts are more powerful and flexible than people realize. Even if the developer only intends to make certain functions possible, other interactions are usually possible. Since smart contracts are open and usually unlicensed, anyone can interact with them and try to find coding errors, logic errors, or unexpected vulnerabilities.

What role will EthTrust play in the development of DeFi?

Nowadays, in the Defi space, especially in the new single-yield agriculture field, only a certain percentage of smart contracts have actually been formally reviewed. This must change, and once projects that have apparently obtained EthTrust-certified smart contracts are becoming the new normal and these projects are successful, we believe that when users decide whether to start a new project, it will essentially become the starting point for the new project. Claim. For example, put their tokens in pool A or pool B. This may be the first thing they have to check for EthTrust certificates.

What is the best way to learn about working groups?

For more information about joining the EEA EthTrust Security Level Working Group, please visit https://entethalliance.org/participate/working_groups/ Or reach out [email protected].

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